Aiming to lower debt, Reliance Communications had sold nearly 150 residential flats in Navi Mumbai for Rs 330.
What the actual story is?
The entire fund from the monetisation of real estate will be utilised by the company for repayment of debt, as part of its overall deleveraging plans. RCom has set a target to cut its debt from Rs 39,894 crore to under Rs 10,000 crore.
RCom said it also expects to finalise and announce plans very shortly for monetisation of its real estate asset measuring nearly 4 acres, situated at a prime location in New Delhi.